• 응용통계연구
• /
• 제22권1호
• /
• pp.59-73
• /
• 2009

A floating-strike lookback call option gives the holder the right to buy at the lowest price of the underlying asset. Similarly, a floating-strike lookback put option gives the holder the right to sell at the highest price. This paper will propose an outside floating-strike lookback call (or put) option that gives the holder the right to buy (or sell) one underlying asset at some percentage of the lowest (or highest) price of the other underlying asset. In addition, this paper will derive explicit pricing formulas for these outside floating-strike lookback options. Sections 3 and 4 assume that the underlying assets pay no dividends. In contrast, Section 5 will derive explicit pricing formulas for these options when their underlying assets pay dividends continuously at a rate proportional to their prices. Some numerical examples will be discussed.

• Communications for Statistical Applications and Methods
• /
• 제19권6호
• /
• pp.819-835
• /
• 2012

A floating-strike lookback call (or put) option gives the holder the right to buy (or sell) at some percentage of the lowest (or highest) price of the underlying asset. This paper will propose an outside lookback call (or put) option that gives the holder the right to buy (or sell) one underlying asset at its guaranteed floating-strike price that is some percentage times the smaller (or the greater) of a specific guaranteed amount and the lowest (or highest) price of the other underlying asset. In addition, this paper derives explicit pricing formulas for these outside lookback options. Section 3 and Section 4 assume that the underlying assets pay no dividends. In contrast, Section 5 derives explicit pricing formulas for these options when their underlying assets pay dividends continuously at a rate proportional to their prices. Some numerical examples are also discussed.

• 한국통계학회:학술대회논문집
• /
• 한국통계학회 2005년도 추계 학술발표회 논문집
• /
• pp.153-158
• /
• 2005

A floating-strike lookback call option gives the holder the right to buy at the lowest price of the underlying asset. Similarly, a floating-strike lookback put option gives the holder the right to sell at the highest price. This paper will derive explicit pricing formulas for these floating-strike lookback options with flexible monitoring periods. The monitoring periods of these options start at an arbitrary date and end at another arbitrary date before maturity.

• 한국건설관리학회:학술대회논문집
• /
• 한국건설관리학회 2007년도 정기학술발표대회 논문집
• /
• pp.704-709
• /
• 2007

본 연구는 공동주택 공사를 전문적으로 발주하는 대한주택공사가 가지고 있는 입 ${\cdot}$ 낙찰제도의 문제점 및 개선방안을 제시하고자 실시하였다. 이를 위하여 전자조달시스템을 이용해 2001년부터 2005년 10월 까지 대한주택공사의 입 ${\cdot}$ 낙찰 현황 자료를 조사하였다. 위와 같은 과정을 통해 조사한 내용을 공종별 발주추이와 낙찰률, 최저가 낙찰제와 등급별 대상공사 실태 별로 각각 분류하여 분석을 실시하였다. 상기와 같은 목적과 방법에 따라 진행된 본 연구의 결과를 요약하면 다음과 같다: 1) 통계자료를 통하여 대한주택공사에서 발주한 공사의 현황을 분석한 결과 낙찰률의 하락과 특정등급에 발주물량이 편중되어 있는 것으로 분석되었다. 2) 입 ${\cdot}$ 낙찰제도의 문제점 및 대한주택공사와 용역을 제공하는 업체를 위한 효과적인 개선방안을 제시하자면 다음과 같다. 첫째, 적격심사제도와 최저가 심사제의 보완이 필요하다. 둘째, 낙찰률과 발주물량을 조정하여야 한다. 셋째, PQ제도의개선 및 공종별 유자격자 명부제로의 전환이 필요하다.

• 응용통계연구
• /
• 제21권3호
• /
• pp.485-495
• /
• 2008

A floating-strike lookback call option gives the holder the right to buy at the lowest price of the underlying asset. Similarly, a floating-strike lookback put option gives the holder the right to sell at the highest price. This paper will present explicit pricing formulas for these floating-strike lookback options with flexible monitoring periods. The monitoring periods of these options start at an arbitrary date and end at another arbitrary date before maturity. Sections 3 and 4 assume that the underlying assets pay no dividends. In contrast, Section 5 will derive explicit pricing formulas for these options when their underlying asset pays dividends continuously at a rate proportional to its price.

• 마케팅과학연구
• /
• 제15권2호
• /
• pp.183-201
• /
• 2005

최저가격보상제도는 자사에서 구입한 상품과 동일한 혹은 유사한 상품이 다른 곳에서 더 싸게 필리고 있다는 사실을 고객이 입증하면 그 상품을 구입한 고객에게 차액이상을 환불해 주는 가격정책이다. 대부분의 국내 주요 대형할인점은 최저가를 내세우면서 최저가격보상제도를 도입하고 있어 그 영향은 국내 유통산업에 전체에 확산되고 있으나 제도에 대한 국내 연구는 전무한 상황이다. 본 연구는 한국적 유통환경에서 독특하게 발전된 최저가격보상제도의 도입 효과에 대한 실증적 연구이다. 최저가격보상제도 도입 여부는 가설과 같이 직접적으로 점포 선호도에 영향을 줄 뿐만 아니라 선호도에 영향을 주는 '점포의 전반적인 가격수준' 그리고 '거주지부터 점포까지의 거리' 등의 변수들과 함께 상호작용의 효과를 미치는 것으로 확인되었다. 즉 소비자가 해당 점포의 가격수준이 통상적으로 기대할 수 있는 가격 수준보다 높은 경우와 매장의 위치가 통상적인 경우보다 먼 경우에는 점포 선호도에 미치는 최저가격보장제도의 도입 효과는 하락하는 것으로 나타났다, 과거 연구가 브랜드 단위의 가격정책에 주로 관심을 가지고 진행된 반면에 본 연구는 매장 단위의 가격정책인 최저가격보상제도의 효과를 파악하였다는 점, 그리고 컨조인트(conjoint) 실험설계를 활용하여 결과의 신뢰성을 확보했다는 점이 연구의 주요특징이다.

• 한국의류산업학회지
• /
• 제18권3호
• /
• pp.301-316
• /
• 2016

Due to the dramatic increase in consumers' price sensitivity and growing importance for global retailers to create relevant price strategies, this study investigates the global pricing strategy of the main SPA brands such as ZARA, H&M and UNIQLO. Based on price information shown on official website, the study developed SPA brand index by using exchange rates in terms of US dollars and ratio of differences between the local price and the US price. These figures were compared with GDP per person data in order to analyze each brand's price level against the income level. The study also compared SPA brand index with Big Mac index to identify the difference in price levels between the fast fashion market and the fast food market. ZARA and H&M were mostly targeting Middle East and Asia as a high-price market when considering index only. After taking the income level into account, however, Asia came out be the highest price market and Middle East was similar to the US market. On the other hand, UNIQLO targeted Asia as the lowest price market and the US and EU as the highest in terms of index only. But, Asia came out to be the highest price zone after considering the income level while the price of the US and EU was reasonable. Comparison with Big Mac Index indicated that most of Asia had a higher price level of the fashion market than the food market, whereas most European countries had a similar or high-price level of food market.

• 아태비즈니스연구
• /
• 제12권3호
• /
• pp.379-396
• /
• 2021

Purpose - The purpose of this paper is to study the rational payoff from the standpoint of foreign investors and the government when the government issues GDP-linked bonds to foreign investors. Design/methodology/approach - In this paper, the prices of 12 types of GDP-linked bond structures, which are classified according to the calculation cycle of the rate of change of linked GDP, the currency issued, and whether options are embedded, were evaluated. The Fama-French 3-factor model and the GMM-SDF model are used in the asset pricing model, and domestic and overseas investors used different basis assets. Findings - The KRW premium for US investors is estimated to be 43bp on a quarterly basis and 30bp on an annual basis, respectively, meaning that when the government issues bonds in KRW, the interest rate paid to US investors will be reduced by 30bp to 160bp (annually converted). Using the Fama-French 3 factor model, the KRW premium is the risk premium for the US market beta, meaning that if US investors do not intend to invest in US market beta, it is advantageous to receive an additional interest rate by investing in USD-denominated GDP-linked bonds. Korea's GDP- linked bond give US investors diversified investment utility, so they are willing to incorporate Korean GDP-linked bonds even if -150bp of interest is deducted from the structure issued to Korean investors. And as a result of estimating the value of the option through the GDP-linked bond with options that provides a floor for guaranteeing the principal, the value of the option linked to the annual GDP issued in dollars was the lowest. Research implications or Originality - Issuing dollar-denominated GDP-linked bonds linked to annual GDP with the option of guaranteeing the principal by the government is a way to increase investment opportunities for US investors and achieve financial stability of the government.

• 한국안전학회지
• /
• 제33권5호
• /
• pp.170-176
• /
• 2018

Laboratory inspection and diagnosis is a means of investigating and assessing various hazards or the state of research equipment in a laboratory, then taking appropriate safety measures to prevent accidents and injury. In many cases, laboratory inspection and diagnosis carried out by agencies are performed in a perfunctory manner that only barely satisfies the legal requirements. The aim of the present study is to provide clearly established pricing criteria for laboratory inspection and diagnosis, so as to prevent recurrence of laboratory accidents and to establish a safe laboratory environment. In order to clarify previously unclear matters, such as the lower limit for bids submitted by laboratory inspection and diagnosis agencies, technical manpower requirements, and number of laboratories inspected and diagnosed per day, a questionnaire survey was administered to agency personnel. First, when asked what the lower limit for bids submitted by agencies should be in order to improve reliability of inspection and diagnosis results and make up for the shortcomings of the lowest-bidder-wins system, 85.5% of respondents answered that the lower limit for bids should stand at no lower than 90% of the estimated price. The level of technical expertise among the technical personnel committed to laboratory inspection and diagnosis was shown to impact the reliability of results, and questionnaire results indicated a need to vary technical expertise levels depending on the degree of hazard, substances handled, and equipment used in a given laboratory. Level of technical expertise(67.1%) and number of personnel(52.6%) were shown to have a greater impact on reliability of diagnosis than on reliability of inspection. According to the results, it is determined that three persons(specialist, advanced and intermediate) should be committed to inspections, while four persons(professional, specialist, advanced and intermediate) should be committed to diagnoses. The respondents indicated a larger number of laboratories could be inspected than diagnosed per day. This can be attributed to differences in the amount of work each task involves, and the time each task takes. Assuming a six-hour work day not counting transportation, paperwork and rest, it is thought that inspection of up to 36 laboratories will be possible if each laboratory is assigned no more than 10 minutes(34.7%), while up to 24 laboratories could be inspected and diagnosed if each laboratory is assigned 15 to 20 minutes(35.1%).

• 한국동물위생학회지
• /
• 제17권3호
• /
• pp.208-226
• /
• 1994

From January to December 1993, 3,385 bulk milk samples were collected from 293 herds in Inchon area. Standard plate counts(SPC) and somatic cell counts(SCC) were performed by the method of milk collection, the situation of raising management and monthly. The results obtained are summarized as follows : 1, Annual average SPC and SCC were respectively 638,000 cfu /mm and 647,000 cells /mm. SPC showed an abrupt decrease from January-1,088,000 cfu /mm to December-279,000 cfu /mm, but SCC showed a slow change from January-1,017,000 cells /mm to December -673,000 cells /mm 2. Variation on milk quality(annual average SPC) was shown a wide difference between everyday collection-575,000 cfu /mm and every other day collection-1,243,000 cfu /mm ac-cording to frequency of milk collection from dairy farms. However, there was a little difference In SCC. 3. In the raising scale, average SPC were the lowest in 16~25mi1king cows, and average SCC were the lowest in above 25milking cows. 4. According to types of milking machine, average SPC and SCC of dairy farms that are equipped with pipeline system were respectively 361,000 cfu /mm and 591,000 cells /mm. Those of dairy farms with bucket system were 549,000 cfu /me and 559,000 cells /mm. 5. In the types of management, average SPC an SCC of dairy farms with hired herdsman were 288,000 cfu /mm and 559,000 cells /mm. Those of dairy farms with self-management were 526,000 cfu /mm and 568,000 cells /mm.